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New Naira: Banks Await CBN Decision After Supreme Court Ruling
The re-issuance of old naira notes has caused a division among stakeholders in the financial sector and banks, after a Supreme Court judgement extended their legal tender status until December 31st, 2023.
Banks have stated that they will not begin the re-issuance of the old notes until directed to do so by the Central Bank of Nigeria (CBN).
However, stakeholders including bank customers, financial analysts, and business owners have called for an immediate re-issuance of the old naira notes in accordance with the Supreme Court ruling.
According to officials from some banks who spoke to Vanguard MoneyDigest, the banks have indicated their willingness to comply with the re-issuance of the old naira notes once they receive a directive from the CBN.
An anonymous official working with Access Bank reportedly stated that the bank would follow the directive of the CBN regarding the re-issuance of old naira notes, rather than the ruling of the Supreme Court.
“Banks in Nigeria are heavily regulated, and we only listen to what the CBN says. Despite the ruling, we still need to hear from our regulator”, he said.
On whether the apex bank will obey, he said the CBN reports to the President and that the President has decided on the issue.
“We all know what the President has said on the matter. The CBN takes its orders from the Presidency. I am sure any action by CBN would be a directive from the President.
Another bank official, who works from Keystone Bank said: “We can’t do anything contrary to CBN. They will direct what next and probably from Monday we shall get more updates from our management when they meet on Monday.
Another anonymous bank official, speaking to Vanguard Money Digest, has revealed that despite the directive from the CBN, the old naira notes have not yet been made available to the bank.
In his words, “We don’t have the old notes and we are not answerable to the Supreme Court. The CBN must send a circular before we can implement any directive.”
Corroborating, another banker stressed that the old Naira notes are no longer in their possession, adding that if the CBN makes it available to banks they will start paying their customers.
Financial analysts, on the other hand, have called for an immediate re-issuance of the old naira notes in accordance with the ruling of the Supreme Court.
Speaking in this regard, Tajudeen Olayinka, Chief Executive Officer, Wyoming Capital and Partners said: “I think the immediate impacts are: restoration of cash/liquidity to the system; improvement in circular flow; and obliteration of initial objectives of CBN to remove illegal money/money in wrong hands; to remove distortions; and to reduce inflationary pressure.
Similarly, Prof Uche Uwaleke, President, Association of Capital Market Academic of Nigeria, ACMAN, said: “I advise the CBN to comply with the ruling since it has come from the final court in the land.
“Doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.
“Be that as it may, it’s important to recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve. The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, increase in financial Inclusion are part of the achievements recorded thus far.” He added.
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Shettima Charges New CAF Secretary to Protect Nigeria’s Interests
Vice President Kashim Shettima has charged newly appointed Confederation of African Football (CAF) General Secretary, Samson Adamu, to protect and promote Nigeria’s interests while advancing the development of African football.
Shettima gave the charge on Tuesday at the Presidential Villa, Abuja, when he received Adamu, who was accompanied by a delegation led by the Chairman of the National Sports Commission, Shehu Dikko.
SEE ALSO: Sanwo-Olu Pledges Full Support as Lagos Prepares to Host 2026 CAF Awards
The Vice President congratulated Adamu on his appointment, describing his emergence as the first Nigerian to occupy the position in CAF’s 70-year history as a significant achievement for the country.
Conveying President Bola Tinubu’s goodwill, Shettima urged Adamu to approach his new responsibilities with integrity, diligence and a strong sense of national pride.
“The President is proud of you, Samson Adamu. Go and do a yo-man’s job. Go and promote, protect and project and preserve the interest of the Nigerian nation,” he said.
Shettima described football as an important instrument of national unity, noting that the sport brings Nigerians together irrespective of their differences.
“Anytime Nigeria plays, it tends to subsume all other identities. Football and sports generally is a source of unity for our country. What binds us together superseded whatever divides us,” he stated.
He attributed Nigeria’s achievements in sports to the quality of its people and the contributions of administrators, coaches, talent scouts and institutions responsible for identifying and developing sporting talents.
The Vice President also recalled the achievements of Nigerian football legends, including Rashidi Yekini, Austin ‘Jay-Jay’ Okocha and Finidi George, noting that their successes were supported by individuals and institutions that nurtured their abilities.
Earlier, Dikko thanked President Tinubu and the Federal Government for supporting sports development, saying the administration’s commitment had strengthened Nigeria’s international sporting profile and created opportunities for investment through sports.
He described Adamu’s appointment as a major milestone for Nigerian sports administration and disclosed that the Federal Government had approved Nigeria’s hosting of the CAF General Assembly in November and the CAF Awards in December 2026.
In his remarks, Adamu expressed appreciation to the Federal Government for its support, describing his appointment as a source of national pride.
He pledged to use his experience as CAF’s former Director of Competitions to strengthen the continental body’s administration and advance African football.
Adamu also promised to support Nigeria’s efforts to harness its football talents and maximise its potential in continental and global sports.
He was appointed CAF General Secretary on Sunday, November 1, 2026, following a recruitment exercise by the continental football governing body. He is expected to oversee CAF’s day-to-day administration.
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Corruption Trials: EFCC, NJI Push Specialised Judges, Digital Evidence Reforms
The Economic and Financial Crimes Commission (EFCC) and the National Judicial Institute (NJI) have called for specialised judges, improved digital evidence management and legal reforms to accelerate the prosecution of corruption and other financial crime cases in Nigeria.
The recommendations were contained in a communiqué issued at the end of the 8th Capacity Building Workshop for Justices and Judges, held in Abuja from October 13 to 15, 2026.
The workshop, organised by the EFCC in collaboration with the NJI, was themed “Investigation and Prosecution of Economic and Financial Crimes in a Digital Age.”
SEE MORE: EFCC Arrests Enugu Estate MD Over Alleged N128m Land Scam
According to a statement signed by the EFCC’s Head of Media and Publicity, Dele Oyewale, the workshop brought together justices and judges from across the country, alongside EFCC investigators and prosecutors, for three days of lectures and deliberations.
Participants resolved that designating specialised judges and court staff to handle corruption cases, alongside targeted training, would help address delays in the administration of justice.
According to the communiqué, delays in resolving corruption cases “will be greatly reduced by designating specialised judges and court staff to handle such cases as well as equipping such judges and courts with necessary skills through training to ensure efficient, certain and consistent application of existing laws in the administration of justice.”
The participants also called for a balance between protecting the rights of defendants and ensuring the speedy administration of justice.
They said the criminal justice system “must strike the proper balance between fairness, efficiency and legal certainty in the protection of individual rights on one hand and the speedy administration of justice, on the other hand.”
To achieve this, they recommended reviewing relevant provisions of the Administration of Criminal Justice Act where necessary.
EFCC, NJI Seek Better Digital Evidence Management
The participants called for stronger investigation standards, including improved digital management protocols, to ensure that prosecutions rely on credible and admissible evidence.
They also recommended a more coordinated approach to obtaining confessional statements, stressing that institutionalising video recording and other necessary safeguards would protect suspects’ rights and preserve the integrity of investigations.
On asset recovery, the communiqué described Non-Conviction Based Asset Forfeiture proceedings as “an effective tool for recovery of stolen assets.”
However, participants stressed that its use “must follow extant legal protocols, adherence to human rights standards and strong institutional oversight.”
They also called for procedural reforms to allow extensions of time for freezing suspected proceeds of financial crimes.
Participants Recommend AI Guidelines for Judiciary
The communiqué further called on Ministries, Departments and Agencies in the anti-corruption sector to work with the National Assembly and the Judiciary to develop governance protocols and policy guidelines for adopting and deploying artificial intelligence in the administration of justice.
Participants also urged stakeholders to familiarise themselves with existing laws and regulations governing the investigation, prosecution and adjudication of financial crime cases involving virtual assets.
These include the Investment and Securities Act (2025), the Executive Order on Virtual Assets Coordination (2026), the Rules on Digital and Virtual Assets Operations (2026) and the Proceeds of Crime Act (2022).
The workshop also highlighted the need for increased investment in digital forensic laboratories, technology infrastructure and specialised training for investigators, prosecutors and judicial officers.
Participants called for continuous training to equip judicial officers and anti-corruption agencies with the skills required to address evolving economic and financial crimes in line with global best practices.
On the use of open-source intelligence, they said investigators, prosecutors and judicial officers should treat it primarily as a source of investigative leads and corroboration, while ensuring that evidence relied upon in court complies with applicable evidential rules.
NJI, NJC Urged to Develop Certification Courses
The communiqué recommended that the NJI, working with the National Judicial Council (NJC), develop accredited certificate and diploma courses to equip judges and other relevant stakeholders with the skills required to improve justice delivery, subject to any necessary legislative review.
Participants also called for sustained coordination among stakeholders in the administration of criminal justice, particularly in sharing information on emerging trends in the investigation and prosecution of economic and financial crimes in the digital age.
They urged heads of courts to use insights from the workshop to develop policies clarifying judicial practice on the technical issues discussed.
The workshop featured nine interactive sessions covering the admissibility of confessional statements, garnishee proceedings, abuse of court processes, asset forfeiture, artificial intelligence in investigations and prosecutions, virtual asset recovery and digital forensics.
Attendees included justices of the Supreme Court and Court of Appeal, judges of the Federal High Court, State High Courts and the High Court of the Federal Capital Territory, alongside other stakeholders in the judiciary and anti-corruption sector.
Participants expressed appreciation to President Bola Ahmed Tinubu, who was represented at the workshop by Vice-President Kashim Shettima, as well as other stakeholders and organisers who contributed to its success.
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LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road
The Lagos State Traffic Management Authority (LASTMA) has alerted motorists to traffic delays along Ogunnusi Road towards Ojodu-Berger due to ongoing rehabilitation work.
LASTMA disclosed this in a post on its official X account on Sunday, stating that the road rehabilitation was being carried out by the Lagos State Public Works Corporation (LSPWC).
According to the agency, “The ongoing work is affecting traffic flow, with vehicles moving at a slower pace in both directions.”
ALSO READ: Chaos On Lagos-Ibadan Expressway As LASTMA Shuts Otedola Bridge
To ease the situation, LASTMA said a contraflow arrangement had been introduced for motorists travelling from Omole Junction towards Vis Junction.
“A contraflow arrangement is in place for vehicles coming from Omole Junction towards Vis Junction to facilitate the movement of traffic,” the agency stated.
LASTMA added that its personnel had been deployed to manage traffic and ensure the continuous movement of vehicles around the affected area.
“Our personnel are on ground managing the traffic situation and ensuring the continuous flow of vehicular movement,” the agency said.
The traffic management authority advised motorists to remain patient and exercise caution while the rehabilitation work continues.
“Motorists are advised to exercise patience and drive with caution while the rehabilitation work continues,” LASTMA stated.





